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   <div class="sf_title_level_2"><span class="z_sf_title_level_2_cs" style="">Sustainability Report 2011</span></div>
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<div class="mddContentText">
   <div class="sf_title_level_3"><span class="z_sf_title_level_3_cs" style="">Introduction </span></div>
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   <div class="sf_body"><span class="z_sf_body-3_cs" style="">“Sustainability” is more than a buzzword in the life science </span><span class="z_sf_body_cs" style="">industry. Regulatory authorities, customers and users closely watch the activities
         of every company in this market. Sustainability is a central competitive and reputation
         factor for </span><span class="z_sf_body-2_cs" style="">Siegfried, and carries a high economic value. We take the </span><span class="z_sf_body_cs" style="">expectations of all stakeholders for transparency and hon</span><span class="z_sf_body-2_cs" style="">esty seriously. The Board of Directors and Group manage</span><span class="z_sf_body_cs" style="">ment </span><span class="z_sf_body-3_cs" style="">contributed to the report, and they will continue to implement </span><span class="z_sf_body_cs" style="">improvements to ensure a high standard of information.</span></div>
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   <div class="sf_body"><span class="z_sf_body-1_cs" style="">Within the range of relevant sustainability topics,</span><span class="z_sf_body-2_cs" style="">Siegfried focuses on Compliance and Quality, Safety,</span><span class="z_sf_body_cs" style=""> Health and Envi</span><span class="z_sf_body-2_cs" style="">ronment (SHE), and our responsibility as an employer. As a </span><span class="z_sf_body_cs" style="">relatively modest sized company in the life science industry, Siegfried has little
         influence in how the ingredients produced at our facilities are used and consequently,
         has little contact with the end user. This limits our scope of action.</span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">Siegfried offers a capability unique in our market: the development and production
         of active ingredients and dosage forms under one roof. Both competencies are based
         on the same compliance system. The combination of synthesis and formulation represents
         an attractive market opportunity for the long-term viability of the company and the
         jobs. These strengths form the key element of our new “Transform” strategy. It will
         also become evident with the significant infrastructure investments that are planned.</span></div>
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   <div class="sf_title_level_3"><span class="z_sf_title_level_3_cs" style="">Corporate Principles</span></div>
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   <div class="sf_title_level_4-after-3"><span class="z_sf_title_level_4_cs" style="">Siegfried as a competitive player</span></div>
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   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– We intend to remain an independent company.</span></div>
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   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– We strive for market leadership in clearly defined market segments – by differentiating
         ourselves from the competition and gaining a sustainable competitive advantage through
         the intelligent use of our resources.</span></div>
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   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– We want to be seen as a service-oriented company; targeted development of technology
         and know-how serve to enhance our ties to the customer.</span></div>
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   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Siegfried as a profitable company</span></div>
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   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– We strive for profit rather than sales growth; especially by sustainably increasing
         our return on investment.</span></div>
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   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– We intend to grow from an internationally active company to a global operation.</span></div>
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   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Siegfried as an employer</span></div>
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   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_enumeration_last_cs" style="">We want to be an attractive employer for highly motivated and talented people that
         are results-oriented, self-motivated, and work efficiently in a team.</span></div>
</div>
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   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– We strive to avoid risks to the health and well-being of our employees.</span></div>
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   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Code of Conduct</span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">In 2008, Siegfried introduced a Code of Conduct policy that specifies our most important
         policies, such as the role of the employee in ensuring the success of the company,
         how </span><span class="z_sf_body-2_cs" style="">to deal with conflicts of interest, honesty and trust, bribery </span><span class="z_sf_body_cs" style="">and corruption. The Code was distributed to every employee and is part of the introductory
         program for new employees and valid for all Siegfried sites.</span></div>
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   <div class="sf_body-www"><span class="z_sf_body-www_cs" style="font-style: italic;">See: http://www.siegfried.ch/about-siegfried/ about-us/code-of-conduct/</span></div>
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   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Corporate governance</span></div>
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   <div class="sf_body-hold"><span class="z_sf_body_cs" style="">The Siegfried Group takes an integrated approach to corporate governance and is committed
         to mutual trust and clarity toward shareholders, employees, journalists and financial
         </span><span class="z_sf_body-3_cs" style="">analysts. </span><span class="z_sf_body_cs" style="">Corporate governance at Siegfried is based on the statutes of Siegfried Holding AG,
         the rules of procedure of the Siegfried Group, and the structure of the Group. The
         corporate governance report in this annual report describes the principles of management
         and control of the Siegfried Group.</span></div>
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   <div class="sf_body-www"><span class="z_sf_body-www_cs" style="font-style: italic;">See: http://www.siegfried.ch/about-siegfried/ corporate-responsibility/corporate-principles/</span></div>
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   <div class="sf_title_level_4-after-3"><span class="z_sf_title_level_4_cs" style="">Structural foundation</span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">The Board of Directors and Executive Management are the </span><span class="z_sf_body-3_cs" style="">highest institutions responsible for the implementation and </span><span class="z_sf_body_cs" style="">maintenance of all sustainability policies and guidelines. The Compliance Committee,
         along with the Chief Compliance Officer, is responsible for the implementation of
         compliance </span><span class="z_sf_body-3_cs" style="">and quality standards, and for the area of Safety, Health </span><span class="z_sf_body_cs" style="">and Environment. The Secretary to the Board of Directors supervises the Code of Conduct.</span></div>
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   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">About the report</span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">Whenever possible and relevant, this report is based on the guidelines of the Global
         Reporting Initiative (GRI). If not noted elsewhere, the comments made in this report
         are valid for the entire Siegfried Group, exclusive of its holdings in Taiwan and
         China. The Sustainability Report is part of the annual report; important amendments
         will be published on our website at www.siegfried.ch. Links to the website locations
         are listed throughout the annual report.</span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">Any questions and comments about the report can be submitted to the Secretary to the
         Board of Directors: </span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">Peter A. Gehler, Head Corporate Center</span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">c/o Siegfried Holding AG</span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">Tel: +41 62 746 11 44</span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">peter.gehler@siegfried.ch</span></div>
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   <div class="sf_title_level_3"><span class="z_sf_title_level_3_cs" style="">Compliance </span></div>
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   <div class="sf_body-hold"><span class="z_sf_body_cs" style="">Siegfried is committed to quality oriented management and ongoing improvement of all
         </span><span class="z_sf_body-1_cs" style="">company processes and activities. Our quality policy </span><span class="z_sf_body_cs" style="">is an integral part of the corporate policy. The results of customer audits and regulatory
         inspections, in particular by the U.S. Food &amp; Drug Administration (FDA) and the Swiss
         Health Authority (Swissmedic) confirm our capabilities.</span></div>
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   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Policies</span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">Siegfried has an overall quality management system throughout the value chain. Based
         on the procedures set by ISO 9001 (quality management) and ISO 14001 (environmental
         management)  </span><span class="z_sf_body_cs" style="font-style: italic;">www.iso.org</span><span class="z_sf_body_cs" style="">, it covers the following international guidelines:</span></div>
</div>
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   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">Current Good Manufacturing Practice (cGMP) </span><span class="z_sf_body-1_cs" style="font-style: italic;">http://ec.europa.eu/enterprise/sectors/healthcare/human-use</span><span class="z_sf_body-1_cs" style=""> or </span><span class="z_sf_body_cs" style="font-style: italic;">www.fda.gov/cdrh/comp/gmp.html</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">International Conference on Harmonization (ICH), defines standards by pharmaceutical
         authorities and industry associations in the U.S., Europe, and Japan  </span><span class="z_sf_body_cs" style="font-style: italic;">www.ich.org</span></div>
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   <div class="sf_body_enumeration_last"><span class="z_sf_body_enumeration_last_cs" style="">&ndash; </span><span class="z_sf_body_cs" style="">Guidelines of the World Health Organization (WHO) </span><span class="z_sf_body_cs" style="font-style: italic;">www.who.int</span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">The Compliance Committee (ComCom), comprised of Executive Management (ExeCom), all
         site </span><span class="z_sf_body-1_cs" style="">managers and the corresponding quality managers,</span><span class="z_sf_body_cs" style=""> meets every month on behalf of the CEO and </span><span class="z_sf_body-2_cs" style="">under the direction of the Chief Compliance Officer,</span><span class="z_sf_body_cs" style=""> Dr. Peter Kiechle, to discuss quality issues at Siegfried. Decisions on quality topic
         are made by the ComCom, which also approves Siegfried’s guidelines. At the end of
         2011, the Siegfried Group had 27 guidelines, dealing mainly with quality issues but
         also areas of finance, safety, health and environment (SHE), and pharmacovigilance,
         communications and employee conduct (Code of Conduct).</span></div>
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   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Inspections and audits</span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">As is customary in the pharmaceutical industry, all Siegfried sites are constantly
         monitored, through inspections (by regulatory authorities), audits (by customers at
         Siegfried, or by Siegfried at suppliers), and internal audits. Customer and supplier
         audits are planned weeks and months in advance, inspections and internal audits can
         occur without notice.</span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">In general, regulatory inspections are carried out:</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">In the U.S. by the Food and Drug Administration (FDA), and by the Drug Enforcement
         Administration (DEA) when narcotics are involved</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">In Switzerland by Swissmedic, which has inspections carried out by Regional Inspectorate
         Northwest Switzerland (RHI) and the American FDA; in 2011, the Korean Food and Drug
         Administration (KFDA) carried out an inspection for the first time in Zofingen</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– In Malta by the Medicines Authority Malta (MAM) and the American FDA</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration_last"><span class="z_sf_body_enumeration_last_cs" style="">&ndash; In Germany by the regional authorities </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Since 2002, the FDA has issued clear “No Action Indicated” approvals for our sites;
         all licenses have been approved or renewed, respectively.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body-www"><span class="z_sf_body-www_cs" style="font-style: italic;">http://www.siegfried.ch/competences/compliance/ compliance-history/?L=ifxxbfjbapuds</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Undergoing hundreds of successful inspections and audits over the past years allowed
         Siegfried to measure itself against other companies’ systems and regulatory demands
         &ndash; and draw instructive conclusions about our application of the guidelines. The results
         confirm our quality management system and provide a persuasive argument with our customers.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body-hold-next"><span class="z_sf_body_cs" style="">2012 is expected to be another intense year for inspections:</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">For Siegfried Drug Products in Switzerland by Swissmedic / RHI</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">For </span><span class="z_sf_body_enumeration_cs" style="">Malta by the Medicines Authority Malta (MAM)</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">For Siegfried Drug Substances in the U.S. by the FDA and DEA</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration_last"><span class="z_sf_body_enumeration_last_cs" style="">&ndash; </span><span class="z_sf_body_cs" style="">For Siegfried Drug Substances in Switzerland by the FDA, Swissmedic/RHI, and possibly
         the Japanese Pharmaceuticals and Medical Devices Agency (PMDA)</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Customer audits will continue to take place frequently in 2012.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Qualifying suppliers and service providers</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Often, raw materials, pharmaceutical excipients and packaging materials, components
         for active ingredients and, less often, active ingredients are purchased from foreign
         manufacturers and suppliers. Siegfried is responsible for the qualification of such
         manufacturers and suppliers and maintains a corresponding audit system that meets
         binding quality standards. This is done through manufacturer and supplier questionnaires,
         ongoing quality control of the materials and also audits at the manufacturing site.
         Our manufacturers are located mainly in Europe, India, China and Taiwan. For Southeast
         Asia, we rely in addition on our colleagues from the Siegfried Shanghai office. The
         same quality standards must also be applied and upheld among our service providers,
         such as external laboratories, specialized external technicians at the Siegfried sites,
         or engineering services.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Quality demands and quality certificates</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The number of inspections and certificates / statements carried out by the pharmaceutical
         industry continues to grow. This is due to increased quality awareness and quality
         requirements as well as accidents, counterfeiting, and sub-standard mixtures. In addition
         to the traditional analysis certificates (with information on appearance, content,
         purity, physical characteristics and the GMP-conform manufacturing of our products,
         data and certificates are now also needed for: </span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">Genotoxic impurities</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">Heparin adulteration</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">Presence of genetically modified components</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">Presence of TSE / BSE </span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">Presence of melamine </span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">Presence of benzene</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">Presence of phthalate</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style=""> </span><span class="z_sf_body_enumeration_cs" style="">e</span><span class="z_sf_body_cs" style="">tc. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Cooperation with public officials</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Siegfried works closely with the American FDA to prevent product piracy to ensure
         safety for the end user. Siegfried provides material, certificates, chemical process
         documentation, analytical methods, primary packaging material and labels to the FDA
         to aid in comparisons with potentially counterfeit products. In 2011, Siegfried delivered
         comprehensive documentation and materials to the FDA’s Forensic Institute in Cincinnati,
         Ohio, to help in the fight against counterfeiting of Siegfried products.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Pharmacovigilance</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_5-after-4"><span class="z_sf_title_level_5_cs" style="font-style: italic;">(reporting system for pharmacological side effects)</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The ongoing and systematic surveillance of drug safety is done not only during clinical
         testing, but also after registration to identify, evaluate, and understand any undesirable
         side effects, and implement necessary risk minimizing measures. The Siegfried registration
         team in Munich, Germany, is responsible for these issues and registered with the regulatory
         authorities. Inquiries about undesirable side effects (ca. 1&ndash;2 annually) are usually made by our customers (customer complaint) and not by the
         end user, as Siegfried is not recognizable to the end user as a producer.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Customer satisfaction </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Siegfried is a service-oriented company that focuses on the customer and cultivates
         close, long-term relationships. The Siegfried customer complaint system (mandated
         by law for the pharmaceutical industry) processes all inquiries and complaints. All
         questions and complaints are systematically registered, whether justified or not,
         and evaluated. The type and number of complaints are recorded and the individual cases
         are evaluated and discussed on a monthly basis by a Quality Committee under the direction
         of the local quality assurance manager. If necessary, changes are implemented. The
         Compliance Committee is consulted on critical or strategic issues. The results of
         the investigation, or at least intermediate reports, are sent to the customer within
         30 days. Our goal is to cultivate a quality system that eliminates customer complaints.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Despite the pronounced increase in the number of customer audits, the number of observations
         resulting from audits has dropped by almost half over the past few years and remains
         stable at that level. On average, Siegfried receives a customer audit every week in
         Zofingen.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Quality contracts with customers </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The obligatory quality agreements between Siegfried and our customers are a growing
         challenge. Customer requirements continue to grow, which can include an increasing
         amount of data and documents to be supplied by Siegfried, or tighter deadlines are
         set, or even the integration of specific customer standards is required. With over
         100 active customer accounts, running numerous quality management systems simultaneously
         is not practical. For Siegfried, this means maintaining a sophisticated quality management
         system that meets a range of customer demands.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Goals and outlook </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Our very high Good Manufacturing Practice (GMP) standards and reputation for quality
         are recognized around the world. Siegfried is well aware that it’s better to maintain
         high standards than have to revive a compromised company image. All our facilities
         work hard to uphold these standards and to continue to be recognized as a dependable
         and quality conscious partner. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Despite this pressure, it is essential that Siegfried remains quick, flexible, and
         customer-friendly to continue delivering “made in Switzerland” quality.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_3"><span class="z_sf_title_level_3_cs" style="">Safety, Health </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4-after-3"><span class="z_sf_title_level_4_cs" style="">Introduction safety, health and plant security</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The Safety, Health and Environment (SHE) guidelines are a priority and a central element
         of our corporate mission. These guidelines help our employees and specialist teams
         strive to improve safety and minimize adverse environmental effects.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Approximately 2.5% of our global personnel works full-time in SHE areas. They are
         responsible for the risk management of processes, plants and the workplace, as well
         as implementation of environmental regulations. A team of subject matter experts,
         engineers and chemists works closely together and is in constant contact with other
         sites and partner companies.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">As a chemical-pharmaceutical company and leading provider of controlled substances,
         Siegfried puts great emphasis on plant security. Working closely with professional
         service partners, technical specialists monitor the factory area and supervise the
         company’s central alarm system around the clock.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The total costs and investments in Safety &amp; Health are considerable. In </span><span class="z_sf_body-2_cs" style="">2011, we were able to successfully complete several</span><span class="z_sf_body_cs" style=""> projects. For example, modernization of the control systems improved production safety
         and the renovation of production areas and R&amp;D labs led to improved workplace ergonomics
         and hygiene.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Policies &amp; Guidelines</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">As a member of the Science Industries Switzerland (previously: Swiss Society of the
         Chemical Industry / SGCI), Siegfried co-signed the Responsible Care</span><span class="z_sf_body_cs" style=""><sup>®</sup></span><span class="z_sf_body_cs" style=""> program in 1992 along with numerous other Swiss chemical companies. Based on these
         principles, our internal SHE guidelines were adapted and completed. As part of the
         Siegfried quality management system, ISO 14001 was successfully introduced and certified
         in 1998. Our Pennsville production site qualified for the SOCMA ChemSteward</span><span class="z_sf_body_cs" style=""><sup>®</sup></span><span class="z_sf_body_cs" style=""> program in 2006. During that year, our various programs and systems were unified
         in a global SHE policy and implemented at all sites. This policy describes the Siegfried
         SHE philosophy to our employees, third-party companies, customers, shareholders, regulatory
         authorities, and the public. In 2009, SHE policies at Siegfried were documented in
         a Code of Conduct that is mandatory for every employee.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">For further information:</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body-www"><span class="z_sf_body-www_cs" style="font-style: italic;">http://www.siegfried.ch/competences/compliance/ safety-health-environment/</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4-after-3"><span class="z_sf_title_level_4_cs" style="">Safety and health</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_5-after-4"><span class="z_sf_title_level_5_cs" style="font-style: italic;">Risk management</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Siegfried introduced comprehensive procedures for all aspects of chemical process
         development to ensure efficient and safe chemical processes, both key elements of
         process development. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">All chemical procedures undergo a safety and environmental analysis during process
         development and production launch. Our internal safety lab has well-trained specialists
         and the newest measurement instruments for physical and thermal substance testing.
         Flammability, danger of explosion, and performance of reactions during normal operation
         and in case of accidents are tested and evaluated. The findings are summarized in
         a process safety &amp; environmental report. A team of development, production and SHE
         experts initially tests and evaluates all safety and environmental parameters and
         issues as part of a process risk analysis.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">As part of the precautionary accident measures, the process systems and the chemical
         substances they handle undergo a comprehensive risk analysis. The results are summarized
         in a report and reviewed by the regulatory authorities during their annual inspection.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body-1_cs" style="">Siegfried maintains emergency response teams in Zofingen to respond to explosions,
         fires or chemical incidents. The Zofingen HAZMAT (hazardous materials) and firefighting
         teams have over 100 volunteers from Siegfried and Swissprinters (an adjacent company). As mandated by
         the canton, this new organization is also the official HAZMAT response team for incidents
         outside our facility.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The helpful cooperation with the local and cantonal police continued in 2011.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Workplace safety</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">We want to promote a company culture with zero tolerance for accidents. The Siegfried
         Safety Program was launched in 2006 around the world to realize this vision and raise
         safety awareness among every employee. The Zofingen production site (including Siegfried,
         third-party companies and service providers) actively participated in the safety program.
         Despite these efforts, the accident quota did not meet expectations in 2011, with
         all production sites reporting a negative accident rate due to a slight increase in
         accidents resulting in workdays lost.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Making the wearing of helmets compulsory in 2008 once again proved sensible and effective,
         as head injuries were substantially reduced since then. An “Alarm &amp; First Aid” safety
         campaign accompanied by training for about 10% of the Zofingen staff will ensure a
         quick and efficient first aid for accidents. These efforts resulted in a distinct
         60% drop in lost workdays; serious eye injuries were also avoided in 2011 thanks to
         mandatory protective eyewear and the site-wide availability of eye rinse stations.
         </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">“Lifting Loads” was the safety focus during the past year, with the safety team launching
         an awareness campaign for lifting device maintenance and testing, including maximum
         loads for storage racks and attachment points. Because of recurring forklift accidents,
         logistics specialists organized an internal “refresher course”. Over 160 production
         employees were able to get practical training by running forklifts through a training
         course. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Maintaining a safe and accident-free flow of traffic on the Zofingen site demands
         caution and respect from all: pedestrians, bicyclists, forklift operators, automobile
         and truck drivers. Improved signage across the facility should bring further improvement
         and reduced speeds.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Audits </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">During 2011, national and international regulatory agencies, insurance companies,
         and various customers inspected the Siegfried facilities, which was an additional
         challenge for the Safety &amp; Health department. The inspectors and customers certified
         that Siegfried has a well-integrated risk and environmental management system. For
         example, the plant fire brigade met all building insurance requirements during the
         inspections. Around-the-clock operational readiness is guaranteed. No irregularities
         were noted during two risk analyses carried out by HDI Gerling, an insurance company.
         Zofingen met all liability compliance guidelines; Pennsville was certified with a
         good safety system and adequate fire protection.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">A system of internal audits and safety walkabouts in Zofingen and Pennsville has established
         itself since 2005. The audit teams suggested over 450 corrective measures for Zofingen
         alone (85% were implemented in 2011).</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="11">
            <div class="TableTitle">Workplace accidents with lost workdays: 2007–2011</div>
         </td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader">Workplace accidents with lost workdays per 1,000 employees</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; background-color: #e5e5e5; " align="right"><span class="TableHeader"><b>2011</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2010</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2009</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2008</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2007</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Zofingen (incl. partner companies)</span><sup class="tableSuperscriptRow">1</sup></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">15 (19)</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">10</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">9</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">10</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">11</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Pennsville</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">19</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">11</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">11</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Malta</span><sup class="tableSuperscriptRow">2</sup></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">33</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader">Lost workdays per 1,000 employees</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; background-color: #e5e5e5; " align="right"><span class="TableHeader"><b>2011</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2010</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2009</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2008</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2007</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Zofingen (incl. partner companies)</span><sup class="tableSuperscriptRow">1</sup></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">69 (78)</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">196</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">104</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">68</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">47</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Pennsville</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">84</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">17</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">155</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Malta</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">217</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td colspan="11" style="height: 5px;"></td>
      </tr>
      <tr valign="bottom">
         <td height="5" colspan="12">
            <div class="TableHeader">
               <div style="width:12px; text-align:right; float:left;">1</div>
               <div style="margin-left:18px;">Third-party and partner companies with permanent staff</div>
            </div>
         </td>
      </tr>
      <tr valign="bottom">
         <td height="5" colspan="12">
            <div class="TableHeader">
               <div style="width:12px; text-align:right; float:left;">2</div>
               <div style="margin-left:18px;">Our Malta facility noted two workplace accidents with resulting absences, a rate of
                  33 accidents per 1,000 employees (Malta employs about 60 people).
               </div>
            </div>
         </td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">In 2011, all our sites noted an increase in workplace accidents and absences. While
         both Malta and Pennsville had no lost workday accidents and absences in 2010, last
         year the rates climbed to 33 (Malta) and 19 (Pennsville) workplace accidents with
         lost workdays per 1000 employees, similar to the rate (19) in Zofingen, clearly missing
         our goal of less than 8 lost workday accidents. The total number of lost workdays
         for all three sites was in the range of 78 - 217 lost workdays per 1,000 employees,
         missing our goal of 125 lost workdays. As in 2010, last year saw all three sites avoid
         any serious injuries with long-term absences. The sharp drop (60%) in lost workdays
         in Zofingen, an average of 4 lost workdays per accident, underlines efforts to quickly
         rehabilitate &ndash; and reintegrate &ndash; injured personnel. Such cost-saving options are in the interest of the employees,
         the employer, and the insurer. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The workplace accident and lost workday totals for Zofingen include all personnel,
         including the staff of third-party and partner companies with permanent staff under
         contract at the facility. Approximately 25% of the accidents originated with the employees
         of these companies.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The number of workplace accidents and sick days in Zofingen dropped by 10% over the
         previous year. Our rate of 36 accidents per 1,000 employees is close to the Swiss
         chemical and pharmaceutical industry norm (2010: 33). As Siegfried has a first aid
         capability but no on-site MD, injuries require treatment outside the facility. These
         treatments are covered by SUVA and reported in the insurer’s statistics as accidents;
         the severity of the accident is not recorded.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Health</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Together with the “Lungenliga Switzerland,”  a national respiratory awareness organization, Siegfried carried out an anti-tobacco
         campaign (“Smoke less, live more, do more”) to raise awareness among all employees.
         The Lungenliga presented its range of stop smoking sessions and experts discussed
         nicotine replacement products with attendees. The event also featured a popular presentation
         by Dr. Felix Gutzwiller, a well-known health advocate and Siegfried Board member.
         Over 10% of the Zofingen employees attended this event &ndash; a clear success.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The galenical development labs underwent a total renovation to improve workplace hygiene
         for the handling of highly active ingredients. Closed substance handling and multi-level
         containment systems protect staff from excessive contamination. The changing rooms,
         workplace and lavatories are all separated by an airlock system of double doors. In
         addition, workplaces are equipped with a ventilation system to enhance freedom of
         movement to employees dressed in protective suits and to provide improved working
         conditions. Decontamination zones and defined changing areas help minimize substance
         contamination.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">A workplace hygiene expert answers questions about workplace hygiene; workplace evaluations
         and classification of production systems are also monitored. When necessary, technical,
         organizational, and personnel (TOP) measurements ensure a safer workplace. The effectiveness
         of these protective measures is monitored by our in-house SHE lab; the results are
         summarized in a systems evaluation registry.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The correct use of protective equipment at the workplace is constantly trained. Our
         in-house workplace safety department constantly evaluates new protective articles
         used in various applications and skin care products; the resulting information is
         documented in an internal “personal safety catalog” and made available to all employees
         on our intranet.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Rapid and correct first aid to injured staff was the focus of our first aid training.
         Guided by first aid experts, over 50 participants practiced how to handle chemical
         burns, regular burns and toxic contamination, as well as the correct emergency alarm
         procedures. As part of the in-house fire department, a paramedic team is available
         around the clock to respond to emergencies.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">This past year a few dozen employees took advantage of the annual flu vaccination
         campaign (at no charge).</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Medical consultations and (SUVA-mandated) check-ups for about 200 employees were carried
         out again this year by the Institute for Workplace Medicine (ifa Baden). </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Activities such as soccer, tennis, hiking, target shooting and bowling are offered
         to all employees by the Siegfried Sports Club to promote fitness.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Goals &amp; outlook</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The activities and goals for our SHE program for 2012 include:</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Less than 125 lost workdays resulting from workplace accidents (per 1,000 employees)</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Less than 33 accidents (per 1,000 employees)</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Quick reintegration of injured employees through interim “light duty” work</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Information campaigns to promote health awareness and reduce accidents</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Optimize in-house health management efforts</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Modernize fire alarm monitoring and building evacuation procedures in Zofingen</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Coordinate the information systems for hazardous materials across all facilities</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Revise the safety and environmental training concepts in Zofingen</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration_last"><span class="z_sf_body_enumeration_last_cs" style="">&ndash; Implement evaluation software upgrades for process safety analysis (based on kinetic
         modeling)</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText"></div>
<div class="mddContentText">
   <div class="sf_title_level_3"><span class="z_sf_title_level_3_cs" style="">Environmental protection</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_5-after-4"><span class="z_sf_title_level_4_cs" style="">Corporate environmental protection</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body-2_cs" style="">Siegfried invests substantial resources in efforts to minimize the environmental effects
         of our business.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_5"><span class="z_sf_title_level_4_cs" style="">General observations</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Because the amount of final and intermediate products generated from year to year
         fluctuate considerably, the final totals don’t tell the whole story. The most important
         figures for total energy consumption, water consumption, CO</span><span class="z_sf_body_cs" style="">2</span><span class="z_sf_body_cs" style=""> emissions and waste at Siegfried show an increase over the previous year. Emissions
         of volatile organic compounds (VOCs), which dropped significantly, are the exception.
         It is helpful to compare all these totals with our increased production totals to
         better see overall falling trends for energy consumption, water consumption, CO</span><span class="z_sf_body_cs" style="">2</span><span class="z_sf_body_cs" style=""> emissions and waste as well. The use of fuel oil has dropped continually over the
         past year and in 2011, for the first time, it was replaced completely by significantly
         cleaner natural gas and alternative fuel sources.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">VOC emissions have continued to drop over the past years and are now at a very low
         level. The past year noted an almost 50% drop compared to the previous year.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">However, CO</span><span class="z_sf_body_cs" style="">2</span><span class="z_sf_body_cs" style=""> emissions have remained stable, fluctuating between 14,500 and 16,000 tons annually.
         2011 showed a gross increase in emissions, but a lower net level when compared to
         production totals for the year. We are currently working on a concept to further reduce
         CO</span><span class="z_sf_body_cs" style="">2</span><span class="z_sf_body_cs" style=""> emissions.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Due to lower CO</span><span class="z_sf_body_cs" style="">2</span><span class="z_sf_body_cs" style=""> emissions compared to 1990 levels, Zofingen sold 1,300 tons of CO</span><span class="z_sf_body_cs" style="">2</span><span class="z_sf_body_cs" style=""> reduction credits to the “Climate Cents” (Klimarappen) Foundation. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body-www"><span class="z_sf_body-www_cs" style="font-style: italic;">http://klimarappen.ch/</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Water consumption trends are similar to CO</span><span class="z_sf_body_cs" style="">2</span><span class="z_sf_body_cs" style=""> emissions; a gross increase in consumption for 2011, but a lower net level when compared
         to production totals for the year. While the amount of wastewater generated remained
         constant, there was a sharp increase in the amount of cooling water over the year.
         There are plans to draw up a concept to reduce cooling water consumption.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The total amount of waste increased by 16% over 2011. Due to significantly higher
         production volumes, the amount of waste solvents increased, even though the amount
         of reclaimed solvents also grew considerably. The ratio of internally reclaimed solvents
         to waste solvents was improved again in 2011 to 0.38.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The amount of waste delivered to an external recycling facility increased by 6%, representing
         a 15% share of total waste. Solvents are classified as waste by Siegfried and are
         tabulated in our overall waste production.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">In 2011, Siegfried Pennsville worked with a solar energy partner to launch a solar
         power project. The goal is to generate cheap electricity at our US facility, which
         will have a positive effect on our bottom line. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">A photovoltaic system, in simple terms, is made up of solar panels that convert sunlight
         into electricity. Our system uses “tracker” panels that tilt throughout the day to
         best capture the sun’s rays &ndash; from early morning to late afternoon. Compared to stationary panels, tracker solar
         panels substantially increase the total amount of power produced. A large portion
         of Siegfried Pennville’s energy needs can be met with solar systems, which, during
         peak summer hours, may even generate most of the site’s energy requirements. The installation
         of the solar system will start in 2012.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">As usual, a 2011 VOC balance sheet was created for Zofingen and sent to local authorities
         and the declaration of the SwissPRTR (Swiss Register for Pollutant Emissions &amp; Transfers)
         was updated.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body-www"><span class="z_sf_body-www_cs" style="font-style: italic;">see: http://www.prtr.ch/</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="13">
            <div class="TableTitle">Energy consumption</div>
         </td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; background-color: #e5e5e5; " align="right"><span class="TableHeader"><b>2011</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2010</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2009</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2008</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2007</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Unit</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Total energy</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">389 100</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">377 700</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">378 300</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">362 500</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">385 800</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">GJ</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Natural gas</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">210 200</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">194 200</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">198 700</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">183 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">187 500</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">GJ</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Heating oil</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">3 900</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">6 800</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">5 900</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">7 400</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">22 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">GJ</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Alternate fuels (solvents) TAR</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">33 400</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">32 900</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">29 900</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">34 400</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">29 400</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">GJ</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Electricity</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">131 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">130 800</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">131 500</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">124 800</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">132 500</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">GJ</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body-hold"><span class="z_sf_body_cs" style="">Compared to the previous year, total energy consumption for all three facilities (Zofingen,
         Pennsville and Malta) increased slightly by 3% in 2011. Zofingen was the main contributor
         to the increase, with a 4.2% jump, while Pennsville noted a modest 1.3% increase.
         </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body-hold"><span class="z_sf_body-1_cs" style="">The growth in energy consumption in Zofingen &ndash; thanks to a 40% increase in production volumes &ndash; was </span><span class="z_sf_body_cs" style="">achieved through a 9.8% jump in natural gas usage and a 5.4% climb in electricity.
         By eliminating a heating boiler, heating oil consumption was reduced by 50%. Diesel
         oil usage was 12.9% lower as diesel-powered vehicles are replaced by electric vehicles.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body-hold"><span class="z_sf_body_cs" style="">Pennsville switched from heavy fuel oil to extra light heating oil, which led to a
         substantial increase in the consumption of lighter oil. Overall, this switch is an
         environmental gain. Natural gas consumption also increased, by 5.8%, but electricity
         demand dropped by 6.4%. Production volumes increased by 35% over 2010; energy consumption
         per unit of production (intermediate and final products) increased significantly,
         which is due mainly to a different product mix. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body-hold"><span class="z_sf_body_cs" style="">Our goal to reduce electricity by 3% in Zofingen was not achieved; instead, demand
         increased over 2011.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body-hold"><span class="z_sf_body_cs" style="">The charts below provide the numbers from our facilities in Switzerland, the USA and
         Malta.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="13">
            <div class="TableTitle">Emissions</div>
         </td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; background-color: #e5e5e5; " align="right"><span class="TableHeader"><b>2011</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2010</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2009</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2008</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2007</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Unit</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">CO2 emissions</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">15 900</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">15 400</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">15 300</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">15 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">15 800</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">Tons</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">VOC emissions</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">15</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">28</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">26</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">39</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">48</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Tons</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The CO</span><span class="z_sf_body_cs" style="">2</span><span class="z_sf_body_cs" style=""> emissions for 2011 were 500 tons higher than in the previous year, an increase of
         3.3%. Both Zofingen and Pennsville contributed to this increase. The higher CO</span><span class="z_sf_body_cs" style="">2</span><span class="z_sf_body_cs" style=""> emissions are directly related to high energy consumption. Larger amounts of natural
         gas were not offset by a drop in heating oil demand in Zofingen. Additionally, heating
         oil consumption grew in Pennsville. Zofingen was able to sell 1,300 tons in CO</span><span class="z_sf_body_cs" style="">2</span><span class="z_sf_body_cs" style=""> reduction credits to the “Climate Cents” (Klimarappen) Foundation, 200</span><span class="z_sf_body_cs" style=""></span><span class="z_sf_body_cs" style="">tons more than in 2010.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">VOC emissions (hydrocarbons) dropped considerably over the year, they were 45% lower
         than in 2010. This emission reduction was made possible by improved availability of
         the thermal exhaust filter system in Zofingen, a different product mix in Zofingen
         and an almost 50% drop in emissions in Pennsville, where heavy fuel oil was eliminated
         as an energy source.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="13">
            <div class="TableTitle">Water consumption</div>
         </td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; background-color: #e5e5e5; " align="right"><span class="TableHeader"><b>2011</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2010</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2009</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2008</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2007</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Unit</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Siegfried Group</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">1 951 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">1 700 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">1 992 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">1 790 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">1 586 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">m<sup class="tableSuperscriptRow">3</sup></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Zofingen</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">1 847 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">1 583 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">1 887 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">1 679 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">1 490 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">m<sup class="tableSuperscriptRow">3</sup></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Pennsville</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">100 900</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">113 400</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">104 700</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">104 700</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">91 100</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">m<sup class="tableSuperscriptRow">3</sup></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="13">
            <div class="TableTitle">TOC emissions</div>
         </td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; background-color: #e5e5e5; " align="right"><span class="TableHeader"><b>2011</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2010</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2009</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2008</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2007</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Unit</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Siegfried Group</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">525</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">432</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">650</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">532</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">521</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">Tons</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Zofingen</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">438</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">342</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">528</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">415</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">431</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Tons</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Pennsville</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">87</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">90</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">122</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">116</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">90</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Tons</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Last year saw a big jump in water consumption, due to increased demand in Zofingen.
         Pennsville actually noted an 11% drop in demand over the previous year, including
         a drop in both industrial waste water and sewage.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Higher demand in Zofingen was due to higher utilization rates of the production systems,
         leading to a temporary switch from a 5-day shift to a 7-day shift. We clearly missed
         our goal to reduce water consumption to 2007 levels. However, water consumption actually
         came in 7 - 16% lower per unit of production (of final and intermediate products)
         than 2007 levels if the total production volume for 2011 is included.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The clearest increase for water in Zofingen was for cooling water, as levels for waste
         water and sewage remained stable compared to 2010.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The waste water pollutants (organic carbon or TOC) increased by 28% in Zofingen, and
         fell by 3.5% in Pennsville, resulting in a total increase of 21.5% in TOC for all
         facilities. The total increase in TOC levels looks more positive if correlated to
         the higher production totals for the year &ndash; translating into a drop of 4.5%.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="13">
            <div class="TableTitle">Waste</div>
         </td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; background-color: #e5e5e5; " align="right"><span class="TableHeader"><b>2011</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2010</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2009</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2008</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2007</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Unit</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Total amount of waste</span><sup class="tableSuperscriptRow">1</sup></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">14 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">12 100</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">15 300</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">13 200</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">12 100</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">Tons</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Chemical waste</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">13 200</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">11 200</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">14 200</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">12 400</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">11 200</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Tons</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Waste for external recycling</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">2 180</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">2 050</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">1 840</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">1 820</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">1 370</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Tons</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td colspan="13" style="height: 5px;"></td>
      </tr>
      <tr valign="bottom">
         <td height="5" colspan="14">
            <div class="TableHeader">
               <div style="width:12px; text-align:right; float:left;">1</div>
               <div style="margin-left:18px;">Without sewage sludge</div>
            </div>
         </td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The total amount of waste increased by 16%, or 1,900 tons compared to 2010, but still
         below 2008 levels. The levels of generated waste are directly related to the respective
         product mix. Due to quality issues, certain products prohibit the re-use of solvents.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Almost all waste types increased in 2011, especially for waste solvents, the largest
         single waste category. The acid wastes in Pennsville also increased considerably,
         which was due to the expanded production of an old product.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The amount of generated waste looks more positive if the increased production volume
         for 2011 is considered; waste actually decreased by 13%. A further positive statistic
         is the increase of materials &ndash; by 130 tons &ndash; that were processed at an external recycling center, a 6.4% increase.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="13">
            <div class="TableTitle">Recycled solvents</div>
         </td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; background-color: #e5e5e5; " align="right"><span class="TableHeader"><b>2011</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2010</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2009</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2008</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2007</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Unit</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Siegfried Group</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">4 230</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">2 960</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">2 240</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">3 160</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">2 230</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">Tons</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Zofingen</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">4 100</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">2 860</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">1 906</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">2 880</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">1 880</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Tons</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Pennsville</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">131</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">107</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">336</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">280</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">350</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Tons</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The amount of solvents recycled internally in 2011 grew by 1,200 tons, a 43% increase.
         Both Zofingen and Pennsville increased their levels of recycled solvents by over 2010,
         a contribution to saving valuable resources. The ratio of recycled solvents to externally
         incinerated waste solvents increased from 32% to 38%. This improvement appears even
         more impressive when the 2006 level of 21% is considered.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="13">
            <div class="TableTitle">Waste solvents</div>
         </td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; background-color: #e5e5e5; " align="right"><span class="TableHeader"><b>2011</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2010</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2009</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2008</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY">2007</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Unit</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Siegfried Group</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">11 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">9 300</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">12 500</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">11 900</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">10 500</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">Tons</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Zofingen</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">8 950</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">7 300</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">9 900</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">10 100</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">8 380</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Tons</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Pennsville</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">2 070</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">2 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">2 600</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">1 740</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">2 130</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Tons</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">In 2011, the amount of waste solvents increased by 19% to 1,700 tons. Both Zofingen
         and Pennsville increased their levels of waste solvents. Again, when considering the
         overall increase in production volumes, these levels represent the lowest in the previous
         five years.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Fines and non-monetary penalties</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Siegfried had no fines levied in the SHE area.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Goals and outlook</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">For 2012, Siegfried will strive to limit total water and energy consumption to current
         levels. In addition, the levels should also be held at current levels when calculated
         per unit of production. These goals also apply to CO</span><span class="z_sf_body_cs" style="">2</span><span class="z_sf_body_cs" style=""> emissions and waste. Specific goals include:</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Complete the CO</span><span class="z_sf_body_enumeration_cs" style="">2</span><span class="z_sf_body_enumeration_cs" style=""> emission reduction concept</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Analysis to reduce cooling water usage in Zofingen</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration_last"><span class="z_sf_body_enumeration_last_cs" style="">&ndash; Implement quarterly evaluation reports for key environmental data </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText"></div>
<div class="mddContentText">
   <div class="sf_title_level_3"><span class="z_sf_title_level_3_cs" style="">Siegfried as Employer</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4-after-3"><span class="z_sf_title_level_4_cs" style="">Our employees</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Our motto, “expect more”, is a commitment not only to our customers and suppliers,
         but especially to our employees. Our success as a company is due in large part to
         the efforts and know-how of our employees, their excellent performance, creative solutions
         and willingness to innovate for our customers &ndash; day in and day out. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Siegfried is dedicated to creating a positive work environment to help our employees
         master complex contracts and future challenges &ndash; and increasingly stringent regulatory guidelines. We offer challenging jobs and responsibilities
         that best promote the personal and technical development of our employees &ndash; and allow them to profit from the success of our company. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">At the end of 2011, about 713 people (full-time jobs) around the world worked at Siegfried.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">An attractive workplace &ndash; a Siegfried goal </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Well-qualified, experienced and motivated employees are crucial for success in the
         chemical and pharmaceutical industries. The quality of our employees defines the quality
         of our services and who we are as a company. It is a Siegfried priority to be recognized
         as an attractive and reliable employer in all our markets &ndash; to find, develop and keep talented and motivated people. A careful selection process
         and a long-term commitment are key; lost know-how is difficult to replace and the
         ramp-up phase for new employees is significantly longer than in other industries.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="11">
            <div class="TableTitle">Key performance indicators</div>
         </td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b>Employees as of December 31</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><b></b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; background-color: #e5e5e5; " align="right"><span class="TableHeader"><b></b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; background-color: #e5e5e5; " align="right"><span class="TableHeader"><b>2011</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY"><b></b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY"><b>2010</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Zofingen/Switzerland</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">Total</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">482.3</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">492.0</span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">of which Production</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">175.4</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">177.1</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Pennsville/USA</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Total</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">157.6</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">155.0</span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">of which Production</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">72.0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">77.0</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Malta</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Total</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">72.0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">46.0</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Munich/Germany</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Total</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">3.5</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3.5</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Total Group</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Total</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">715.4</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">696.5</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Full-time employees</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">664.0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">92.8%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">649.5</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">93.3%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Part-time employees</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">51.4</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">7.2%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">45.5</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">6.5%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Apprentices / number of apprentices of the total stock</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"> Number / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"> 34.0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"> 4.8%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"> 37.0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"> 5.3%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"><b>Diversity</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Female employees</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">181.8</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">25.4%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">179.1</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">25.7%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Male employees</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">533.6</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">74.6%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">516.4</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">74.1%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Women upper managment</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">4.8</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">0.7%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">6.5</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0.9%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Male upper management</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">25.0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">3.5%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">26.0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3.7%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Women middle managment</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">63.3</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">8.8%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">65.4</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">9.4%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Male middle managmenrt</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">153.7</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">21.5%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">153.1</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">22.0%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"><b>Demographics</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Employees up to age 30</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">125.3</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">17.5%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">97.8</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">14.0%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Employees between age 30 and age 50</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">404.5</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">56.5%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">406.0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">58.3%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Employees above age 50</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">185.6</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">25.9%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">191.7</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">27.5%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Average age of employees</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Years</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">42.0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">42.0</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"><b>Attrition rate</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Exits / Attrition rate female employees</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">15.7</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">2.2%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">18.1</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">2.6%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Exits / attrition rate male employees</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">35.7</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">5.0%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">47.8</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">6.9%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Total turnover rate</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">51.4</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">7.2%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">65.9</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">9.5%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"><b>Lost working days due to accidents and sickness</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Lost working days due to work related illness</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Number of days</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">2.0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">0.0%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0.0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">0.0%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Lost working days due to illnes</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Number of days</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">3 420.0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">79.8%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 551.0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">82.8%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Lost working days work related accidents / quota of days lost</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"> Number of days / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"> 219.3</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"> 5.1%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"> 119.1</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"> 2.8%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Lost working days not work related accidents / quota of days lost</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"> Number of days / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"> 645.4</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"> 15.1%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"> 617.3</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"> 14.4%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Total lost working days</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Number of days / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">4 286.6</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">100.0%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">4 287.4</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">100.0%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Lost working days per FTE</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Ø day per FTE / %</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">6.0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">2.7%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">6.2</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">2.8%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Success factor &ndash; sustainable investment  in personnel</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The sustainable and entrepreneurial aspects of our business determine our thinking
         and actions. The same principles guide employee development. It’s important to us
         to have qualified people willing to take on management, technical and project careers.
         An individually tailored training program is discussed and planned during the annual
         performance review between employee and supervisor. Such a program ensures a training
         curriculum that meets industry, job and employee needs. Siegfried’s goal is to be
         able to recruit talented people &ndash; especially managers and leaders &ndash; internally.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Leadership &ndash; results-oriented,  open and respectful</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The quality of management is crucial for the success of the company and for positive
         levels of employee satisfaction and motivation. Our management follows clear goals
         and provides coaching to help employees respond entrepreneurially to meet ambitious
         job goals. Siegfried cultivates an entrepreneurial approach to help our people to
         better manage and even pro-actively shape the coming changes in our markets. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Communication &ndash; transparency &amp; openness create clarity &amp; acceptance</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Clear and open information communicated at the right time can enhance the employee’s
         understanding of our strategy and the acceptance of management decisions. Informational
         events and workshops are held at regular intervals to discuss the daily business and
         other important topics. This promotes the dialog and information exchange between
         employees and management.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Compensation &ndash; fair, market-driven  and performance-based</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Individual performance determines compensation. The Siegfried compensation policy
         considers individual and technical capabilities as well as overall performance. Salary
         guidelines focus on performance, and encourage an entrepreneurial mind-set and behavior.
         For further details see the compensation report on page 64.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Work-life balance</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Achieving the best possible work-life balance is a key strategic goal for our personnel
         policy. We believe that well-adjusted employees are successful employees. Key elements
         are the possibility of </span><span class="z_sf_body-1_cs" style=""></span><span class="z_sf_body-1_cs" style="">flexible work hours (or “flex time”), 24 &ndash; 33 vacation</span><span class="z_sf_body_cs" style=""> days per year (depending on age), part-time employment options, maternity and paternity
         leave, the possibility of unpaid leave of absence (arranged with management), day
         care services in Zofingen (with a neighboring company), etc.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Building the next generation</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Young people at Siegfried gain a solid career foundation in our apprenticeship program.
         The program also makes an important contribution toward building the next generation
         of qualified employees.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">At our Zofingen site alone, there were 34</span><span class="z_sf_body_cs" style=""></span><span class="z_sf_body_cs" style="">apprentices in training in 2011: </span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style=""> </span><span class="z_sf_body_enumeration_cs" style="">11 chemical technologists</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style=""> 15 lab specialists (synthetic and analytical)</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style=""> 5 business apprentices</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration_last"><span class="z_sf_body_enumeration_last_cs" style=""> </span><span class="z_sf_body_enumeration_last_cs" style="">3 logisticians</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">In addition to technical education, we also promote team spirit, social skills, and
         self-confidence for apprentices. The fact that over half of our apprentices usually
         choose to stay with Siegfried after completing their training confirms the value of
         our efforts.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Diversity and equal opportunity </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Working in a multi-cultural environment, Siegfried is a globally active company in
         an international market. Diversity enriches our company and discrimination based on
         gender, race or ethnic origin, religion, worldview or disability is not tolerated.
         Our regulations (“Respectful and Responsible Toward Each Other”) inform how victims
         and witnesses can respond to discrimination and how we support them. We strive to
         prevent sexual harassment and mobbing at the workplace; various trusted internal and
         external representatives are designated as contacts. The Siegfried Code of Conduct
         and country-specific regulations set high expectations for employee behavior within
         the company.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Partnership with employee representatives</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">At Siegfried, every employee has the right to participate in a general labor contract.
         We have a long tradition, in Switzerland and in the U.S.A., of cooperation &ndash; through direct, transparent and constructive dialog &ndash; with elected employee representatives. Monthly meetings provide a platform for discussions
         about Group developments, workplace-related measures and maintaining consensus on
         benefits.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Social responsibilities</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">As a responsible economic player and employer, Siegfried is involved in social, cultural
         and sports events across Switzerland, with a particular focus on the Zofingen (Aargau)
         region. Siegfried dedicates a considerable annual budget to sponsor Swiss social projects,
         culture and sports organizations in the region, and youth employment programs. The
         company is a member of Swiss Chemical Pharmaceutical Society (SGCI) and the Swiss
         Society for Health Policy. An executive manager is also a Board member of the Aargau
         Chamber of Industry &amp; Commerce and President of the Zofingen Regional Economic Association
         (WRZ).</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">In partnership with the University of Zurich, Siegfried sponsors the biennial Siegfried
         Medal as part of the international Siegfried Symposium. The award recognizes outstanding
         research in the field of chemical process development.</span></div>
   <div class="mddLineBreak"></div>
</div>
  
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